Should I buy an electric car? New report says wait until 2023

Share

Drivers wanting to watch the pennies are being encouraged to consider holding off purchasing an electric car until 2023, according to a new report.

The in-depth study by Confused.com comes as the latest SMMT (Society Motor Manufacturers and Traders) reveal electric vehicles have made up just 2% of new registrations in 2018 to date despite the fact research shows one in three (31%) drivers would consider buying one as their next car.

Despite a green revolution taking the world by storm, drivers are still showing favouritism for fossil fuels, and the report suggests there are several reasons for it.

Six in 10 (59%) drivers said they were put off by the eye-watering price tags of electric vehicles – Tesla’s Model S hatchback can cost up to £127,000 while one of the least expensive models, the Renault Zoe is still a significant £20,670.

Furthermore, insurance data from Confused.com reveals they can be a whopping £370 more expensive to insure than your average petrol or diesel car. What’s more, less than one in four (37%) electric or hybrid vehicles have qualified to make savings with the Government’s plug-in car grant this year (2018) so far.

Nor is it just the initial outlay which is holding drivers back. Three quarters (73%) of the driving population have little faith due to the perceived lack of available charging points – even though there are 16,130 connectors in 5,602 locations across the UK. This comes after recent reports suggest the UK Government’s EV infrastructure plan has been set back.

Despite this for the lucky few who can afford to invest early in an electric vehicle can make significant savings. For example, electric cars can save an average of £1,800 on fuel and road tax in three years, as well as savings on parking, which is free for EVs (Electric Vehicles) in many car parks despite some rather hefty electricity usage. A full charge of a Nissan Leaf (24kwh) uses the equivalent power needed to make 222 cups of tea, 501 rounds of toast, iron 343 shirts and watch 66 hours of TV.

And as more and more people start to opt for electric vehicles there will be a greater need for power, especially at peak times. This has led some sceptics to question whether our national grid can handle the increased demand – one of many myths that the report debunks.

Most drivers have accepted the fact that the electric revolution is coming. However, they predict that it won’t be until 2037 that we start to see the number of EVs overtaking petrol and diesel vehicles.And one in eight (13%) are in denial that it will ever happen. In fact, one in three (32%) disagree with the government’s plans to ban all new pure petrol and diesel vehicles from 2040. And almost half (48%) of UK drivers agree it will take a long time for all drivers to transition to electric cars if the ban is only imposed on the sale of new vehicles.

Says Amanda Stretton, motoring editor at Confused.com, says:

“It’s not a case of ‘if’, but ‘when’ electric cars will become more affordable and viable for the everyday driver. While there are a number of helpful incentives which help to bring down the cost of EVs, Confused.com’s report says that motorists wanting to watch the pennies should consider sitting tight.

“In five years-time drivers should really start to notice a difference in the price tags of electric vehicles, as the cost of batteries comes down and more economical models enter the market. And manufacturers should have a lot more confidence in the commercial viability of the technology as EV infrastructure becomes embedded across our transport network.”